Ordinarily, the proceeds on your Sch. D should match your 1099B. Last year I shorted a stock which I did not cover before year-end. Thanks to advice from this board, I entered this as an "open short" on my Sch. D, which then reconciled with my 1099B. I did cover my short this year however, so I will be reporting the short trade on my 2000 taxes. Since the sales proceeds were reported on my 1999 1099B, my Sch. D sales amounts will total MORE than my 2000 1099B.

Do I need to attach a note explaining this, or it that only necessary when the Sch. D amount is less than the 1099B amount?

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.

Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.